Target Forex Trading: Week Of February 26th, 2017
Scott Barkley | Feb 25, 2017 10:26AM ET
Note: be aware all ATR’s are dropping
EUR/USD
What ProAct Forex Target Traders See: We are currently sitting at 1.0564. USDX is inconclusive. A couple of different scenarios: 1: Bullish: a move to the 0.786 Fibo at 1.0761 area and 2: Bearish: A break down to the day bottom support at 1.0348. The average daily true range (ATR) for the pair currently is 63 pips.
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USD/JPY
What ProAct Forex Target Traders See: We are currently sitting at 112.93 in a large channel but near the bottom. We are watching for a bounce at 11.38 but if we do not get that look to the 1.270 Fibo at 109.57. The average daily true range (ATR) for the pair currently is 91 pips.
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GBP/USD
What ProAct Forex Target Traders See: Cable is currently at 1.2458. We are in a large range and in a channel. We are looking to continue to the square up at 1.2630 and then down to the 0.382 Fibo at 1.2426. The average daily true range (ATR) for the pair currently is 86 pips.
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AUD/USD – A great smooth currency for Newbie’s!
What ProAct Forex Target Traders See: Aussie is at 0.7672 in a range. The trend is your friend till it bends. We are looking to break down to the to the square up at 0.7600 and then continue to the 0.382 Fibo at 0.7490. The average daily true range (ATR) for the pair currently is 49 pips.
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